Diferencia de los valores respecto de valores con psi = K

Difference of values with respect to values with psi = Ku.

Ejemplo - Paso a Paso
Kd Ku Ke Kd Ku Ke
Valor de la firma | Firm value 593.58 592.51 591.06 0.18% 0.00% -0.24%
Deuda | Debt 375.00 375.00 375.00
Valor del patrimonio | Equity Value 218.58 217.51 216.06 0.49% 0.00% -0.67%
VPN de la firma | NPV firm 93.58 92.51 91.06 1.15% 0.00% -1.57%
VPN del patrimonio | NPV equity 93.58 92.51 91.06 1.15% 0.00% -1.57%

Este archivo de Excel es bilingüe. | This Excel file is Bilingual.

Recuerde que Valor total (de la firma ) = Deuda + Patrimonio. | Remember that Total Value (Firm value) = Debt + Equity.

A la derecha hay tres hojas. Una para cada supuesto de la tasa de descuento del Ahorro en Impuestos, AI.
En cada hoja, están los resultados que se deben obtener en las columnas de la izquierda, de la B a la F.
En estas columnas B-F escriba las fórmulas necearias para encontrar los resultados de la derecha.
Observe que dependiendo del valor de esa tasa, va a depender el valor de la firma, del patrimonio y del VPN.
¿Por qué? Recuerde que esas tasas deben cumplir la siguiente relación; Rf < Kd < Ku <Ke.
Observe también que, contrario a lo que muchos creen, el VPN del proyecto y el del accionista son idénticos.
Lo anterior ocurre siempre que el valor de mercado de la deuda sea idéntico a su valor en libros.

To the right there are three sheets. One for each assumption of the discount rate of the Tax Shields, TS.
On each sheet are the results that should be obtained in the columns to the left, from B to F.
On this columns (Bto F) write he formulas needed to obtain the values at the right.
Note that depending on the value of that rate, the value of the firm, equity and NPV will change.
Why? Remind that those rates should comply with Rf < Kd < Ku <Ke.
Also note that, contrary to what many believe, the NPV of the project and shareholder’s are identical.
This occurs whenever the value of the debt market is identical to its book value.
 res respecto de valores con psi = Ku.
with respect to values with psi = Ku.

Este ejercicio muestra que diferentes métodos de flujo de caja descontado producen idénticos valores
This exercise shows that different discounted cash flow methods give exactly the same values.

lue (Firm value) = Debt + Equity.

en Impuestos, AI.
a, de la B a la F.

patrimonio y del VPN.

ionista son idénticos.

Tax Shields, TS.

are identical.
Escriba aquí el valor que desee después de haber escogido la opción 5 de la lista 17.00%
Tasa de impuestos
Costo de la deuda antes de impuestos, Kd
psi = tasa de descuento del AI. Seleccione de la lista 1=Kd, 2=Ku, 3= WACC CPPC FCF, 4= Ke,
5= Cualquier valor, 6 = WACC CPPC del CCF ===>
Costo del patrimonio sin deuda Cost of unlevered equity Ku
Año

Aporte de los socios P Initial equity investment

Valor inicial de la inversión Initial total investment

FCA

Saldo de la deuda al final del período D Debt end balance

Principal payment (Previous Ending balance - actual balance)
Pagos de interés Interest payment
Ahorros en impuestos AI (Tax shield) = T ´ intereses T*Interest payment
FCD flujo de caja de la deuda Cash Flow to Debt.
VAI= VP(AI a psi) VTS = PV(TS at psi)
FCF = CFD + CFE - TS
FCC = FCL + AI = FCD + FCA CCF = FCF + TS = CFD + CFE
Cada método de valoración debe ser considerado independiente de cualquier otro método.
Each method should be independent from each other. No results from one method can be
used to calculate results in another method
Capital Cash Flow CCF =C FD + CFE
PV(CCF)
WACCCCF = Ku -(Ku-psi)VTSt-1/Vt-1
VPN firma Firm NPV
VPN del patrimonio NPV of equity

Adjusted Present Value (APV)

PV(FCF at Ku)
PV(TS at psi)
´'Adjusted Present Value (APV) = PV(FCF at psi)+PV(TS at psi)
VPN firma Firm NPV
VPN del patrimonio NPV of equity

Firm calculation with WACC = Ku - TSt/Vt-1- (Ku-psi)VTSt-1/Vt-1 (There exists circularity)

FCF
(1) Firm value
(2) WACC = Ku - TSt/Vt-1- (Ku-psi)VTSt-1/Vt-1
VPN firma Firm NPV
VPN del patrimonio NPV of equity

Independent calculation for equity value (there exists circularity)

FCA
(1) Equity market value
(2) Debt
(3) Ke = Ku + (Ku - Kd)[Dt-1/Et-1- (Ku-psi)VTSt-1/Et-1)
(4) Firm value
VPN firma Firm NPV
VPN del patrimonio NPV of equity
WACC=Kdx(1-T)D%t-1+KexE%t-1
WACC calculations (there exists circularity)
FCF
(1) Value at t=PV(FCF at WACC)
Debt
(2) Weight for Debt D%
(3) After tax cost of debt Kd(1-T)
(4) Contribution of debt to WACC

Equity
(5) Weight for Equity E%
(6) Ke = Ku + (Ku-Kd)(D%t-1/E%t-1) -(Ku-psi) VTSt-1/Et-1
(7) Contribution of equity to WACC
(8) After taxes WACC
VPN firma Firm NPV
VPN del patrimonio NPV of equity
 psi 0.17
35% 35% 35% 35%
12.00% 12.10% 12.20% 12.30%
VP 
 VP t  1  FC t
t
1  i t  1 
List 5 17.0000% 17.0000% 17.0000% 17.0000%
15.00% 15.10% 15.20% 15.30%
0 1 2 3 4

125.00
500.00

375.00 244.00 75.00 37.00

Lista para celda B4 no borrar
1
2
3
4

5
6
VP 
 VP t  1  FC t  1 
t
1  i t  1 

0 1 2 3 4

125.00
500.00

-10.25 11.81 176.05 210.04

375.00 244.00 75.00 37.00

131.00 169.00 38.00 37.00
45.00 29.52 9.15 4.55
15.75 10.33 3.20 1.59
176.00 198.52 47.15 41.55
23.86 12.17 3.90 1.36 0.00
150.00 200.00 220.00 250.00
165.75 210.33 223.20 251.59

165.75 210.33 223.20 251.59

591.86 515.37 383.09 218.19 0.00
15.08% 15.14% 15.22% 15.31%
91.86
91.86

568.00 503.20 379.19 216.83 0.00

23.86 12.17 3.90 1.36 0.00
591.86 515.37 383.09 218.19 0.00
91.86
91.86

150.00 200.00 220.00 250.00

591.86 515.37 383.09 218.19 -
12.42% 13.14% 14.38% 14.58%
91.86
91.86

-10.25 11.81 176.05 210.04

216.86 271.37 308.09 181.19 0.00
375.00 244.00 75.00 37.00 0.00
0.20 0.18 0.16 0.16
591.86 515.37 383.09 218.19 0.00
91.86
91.86

150.00 200.00 220.00 250.00

591.86 515.37 383.09 218.19 0.00

63.36% 47.34% 19.58% 16.96%

7.80% 7.87% 7.93% 8.00%
4.94% 3.72% 1.55% 1.36%

36.64% 52.66% 80.42% 83.04%

20.41% 17.88% 15.95% 15.93%
7.48% 9.42% 12.83% 13.22%
12.42% 13.14% 14.38% 14.58%
91.86
91.86
Total value -
Debt
Tasa de impuestos | Tax rate (T)
VP t 
 VP t  1  FC t  1 
Costo de la deuda | Cost of debt (Kd)
Costo del patrimonio sin deuda | Cost of unlevered equity (Ku)
1  i t  1 
Año | Year
Aporte de los socios | Initial equity investment
Valor inicial de la inversión | Initial toltal investment
FCA: Flujo de Caja del Accionista | CFE: Cash Flow to equity
Saldo de la deuda al final del período | Debt end balance
Abonos de capital | Principal payment
Pagos de interés | Interest payment
AI=T*intereses | TS=T*Interest payment
Flujo de caja de la deuda: FCD | Cash flow to debt: CFD

Cada método de valoración debe ser considerado independiente de cualquier otro método. Ningún resultado de otro
método debe ser usado en el actual. | Each method should be independent from each other. No results from one method
can be used to calculate results in another method.
FCL = FCD + FCA -AI | FCF = CFD + CFE - TS
FCC = FCD + FCA = FCL + AI | CCF = FCD + FCA = FCF + TS

FCC @ Ku
(1) Flujo de Caja de Capital (FCC) = FCD + FCA | Capital Cash Flow (CCF) = CFD + CFE
(2) Ku
(3) VP(FCC a Ku) | PV(CFF @ Ku)
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment
VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

VPN ajustado (VPA) | Adjusted Present Value (APV)

(1) FCL | FCF
(2) Ku
(3) V de firma sin deuda=VP(FCL a Ku) | Unlevered firm value=PV(FCF @ Ku)
(4) AI | TS
(5) VAI = VP(AI a Ku) | VTS = PV(TS @ Ku)
(6) VP ajustado= VP(FCL a Ku) + VP(AI a Ku) | APV = PV(FCF @ Ku) + PV(TS @ Ku)
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment
VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del Valor con WACC = Ku - AIt/Vt-1 (circularidad) | Calculation of firm value with WACC = Ku - TSt/Vt-1 (circularity)

(1) FCL | FCF

(2) Ku
(3) AI | TS
(4) Valor = VP(FCL a CPPC) | Value = PV(FCF @ WACC)
(5) CPPC = Ku - AIt/Vt-1 | WACC = Ku - TSt/Vt-1
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment
VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del valor de mercado patrimonial en forma independiente (circularidad) | Calculation of equity value (circularity
(1) FCA | CFE
(2) Valor del patrimonio=VP(FCA a Ke) | Equity value=PV(CFE @ Ke)
(3) Ku
(4) Kd
(5) Valor de la deuda | Debt value
(6) Ke = Ku + (Ku - Kd)Dt-1/Pt-1 | Ke = Ku + (Ku - Kd)Dt-1/Et-1
(7) Valor total=Valor de la deuda+Valor del patrimonio | Total Value=Debt value+Equity value
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment
VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del CPPC (WACC) (hay circularidad) | Calculating WACC (there is circularity)
(1) FCL | FCF
(2) Valor=VP(FCL a WACC) | Value=PV(FCF @ WACC)
Deuda | Debt
(3) Valor de la deuda | Debt value
(4) Peso relativo de la deuda D%t-1| Relative weight of debt D%t-1
(5) Kd
(6) T
(7) Costo de la deuda después de impuestos Kd(1-T) | After tax cost of debt Kd(1-T)
(8) Contribución de la deuda al costo de capital Kdx(1-T)D% t-1 | Contribution of debt to WACC Kd(1-T)D% t-1
Patrimonio | Equity
(9) Ku
(10) Peso relativo del patrimonio P%t-1 = 1- D%t-1 | Relative weight of equity P%t-1 = 1- D%t-1
(11) Ke = Ku + (Ku-Kd)D%t-1/P%t-1
(12) Contribución del patrimonio al costo de capital KeP% t-1 | Contribution of equity to the cost of capital KeE% t-1
(13) CPPC después de impuestos Kdx(1-T)D% t-1+KeP%t-1 | After tax WACC Kdx(1-T)D%t-1+KeE%t-1
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment
VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment
 Guía
35.00% 35.00% 35.00% 35.00%
12.00% 12.10% 12.20% 12.30%
15.00% 15.10% 15.20% 15.30%
0 1 2 3 4 0 1 2 3 4
125.00 125.00
500.00 500.00
-10.25 11.81 176.05 210.04 -10.25 11.81 176.05 210.04
375.00 244.00 75.00 37.00 375.00 244.00 75.00 37.00
131.00 169.00 38.00 37.00 131.00 169.00 38.00 37.00
45.00 29.52 9.15 4.55 45.00 29.52 9.15 4.55
15.75 10.33 3.20 1.59 15.75 10.33 3.20 1.59
176.00 198.52 47.15 41.55 176.00 198.52 47.15 41.55

150.00 200.00 220.00 250.00

165.75 210.33 223.20 251.59

165.75 210.33 223.20 251.59

15.00% 15.10% 15.20% 15.30%
592.51 515.64 383.17 218.21
92.51
92.51

150.00 200.00 220.00 250.00

15.00% 15.10% 15.20% 15.30%
568.00 503.20 379.19 216.83
15.75 10.33 3.20 1.59
24.51 12.43 3.98 1.38
592.51 515.64 383.17 218.21
92.51
92.51

150.00 200.00 220.00 250.00

15.00% 15.10% 15.20% 15.30%
15.75 10.33 3.20 1.59
592.51 515.64 383.17 218.21 0.00
12.34% 13.10% 14.36% 14.57%
92.51
92.51

e (circularity)
 -10.25 11.81 176.05 210.04
217.51 271.64 308.17 181.21 0.00
15.00% 15.10% 15.20% 15.30%
12.00% 12.10% 12.20% 12.30%
375.00 244.00 75.00 37.00 0.00
20.17% 17.79% 15.93% 15.91%
592.51 515.64 383.17 218.21 0.00
92.51
92.51

150.00 200.00 220.00 250.00

592.51 515.64 383.17 218.21 0.00

375.00 244.00 75.00 37.00 0.00

63.29% 47.32% 19.57% 16.96%
12.00% 12.10% 12.20% 12.30%
35.00% 35.00% 35.00% 35.00%
7.80% 7.87% 7.93% 8.00%
4.94% 3.72% 1.55% 1.36%

15.00% 15.10% 15.20% 15.30%

36.71% 52.68% 80.43% 83.04%
20.17% 17.79% 15.93% 15.91%
7.41% 9.37% 12.81% 13.21%
12.34% 13.10% 14.36% 14.57%
92.51
92.51
Tasa de impuestos | Tax rate (T)
Costo de la deuda | Cost of debt (Kd)
Costo del patrimonio sin deuda | Cost of unlevered equity (Ku)
Año | Year 0
Aporte de los socios | Initial equity investment 125.00
Valor inicial de la inversión | Initial toltal investment 500.00
FCL: Flujo de Caja Libre | FCF: Free Cash Flow
Saldo de la deuda al final del período | Debt end balance 375.00
Abonos de capital | Principal payment
Pagos de interés | Interest payment
AI=T*intereses | TS=T*Interest payment
Flujo de caja de la deuda: FCD | Cash flow to debt: CFD

Cada método de valoración debe ser considerado independiente de cualquier otro método. Ningún
resultado de otro método debe ser usado en el actual. | Each method should be independent from each
other. No results from one method can be used to calculate results in another method.

FCA= FCL + AI -FCD | CFE = FCF + TS - CFD

FCC = FCL + AI | CCF = FCF + TS
VAI=VP(AI a Kd)| VTS=PV(TS @ Kd)

V=VP(FCC @ CPPC_FCC) | V=PV(CCF @ WACC_CCF)

(1) Flujo de Caja de Capital (FCC) = FCD + FCA | Capital Cash Flow (CCF) = CFD + CFE
(2) VAI=VP(AI a Kd)| VTS=PV(TS @ Kd)
(3) CPPCFCC= Ku-(Ku-Kd)VAIt-1/Vt-1 | WACCCCF = Ku-(Ku-Kd)VTSt-1/Vt-1
(4) VP(FCC a CPPC_FCC) | PV(CFF @ WACC_CCF)
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

VPN ajustado (VPA) | Adjusted Present Value (APV)

(1) V de firma sin deuda=VP(FCL a Ku) | Unlevered firm value=PV(FCF @ Ku)
(2) VAI = VP(AI a Kd) | VTS = PV(TS @ Kd)
(3) VP ajustado= VP(FCL a Ku) + VP(AI a Kd) | APV = PV(FCF @ Ku) + PV(TS @ Kd)
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del Valor con WACCFCL = Ku - AIt/Vt-1 - (Ku-Kd)VAIt-1/Vt-1 (circularidad) | Calculation of firm value
with WACCFCF = Ku - TSt/Vt-1 - (Ku-Kd)VTSt-1/Vt-1 (circularity)
(1) FCL | FCF
(2) Valor = VP(FCL a CPPC) | Value = PV(FCF @ WACC)
(3) AI | TS
(4) VAI=VP(AI a Kd)| VTS=PV(TS @ Kd)
(5) WACCFCL = Ku - AIt/Vt-1 - (Ku-Kd)VAIt-1/Vt-1 | WACCFCF = Ku - TSt/Vt-1 - (Ku-Kd)VTSt-1/Vt-1
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment
VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del valor de mercado patrimonial en forma independiente (circularidad) | Calculation of

equity value (circularity)
(1) FCA | CFE
(2) Valor del patrimonio=VP(FCA a Ke) | Equity value=PV(CFE @ Ke)
(3) Valor de la deuda | Debt value
(4) VAI=VP(AI a Kd)| VTS=PV(TS @ Kd)
(5) Ke = Ku + (Ku - Kd)(Dt-1/Pt-1 - VAIt-1/Pt-1) | Ke = Ku + (Ku - Kd)Dt-1/Et-1-VTSt-1/Et-1)
(6) Valor total=Valor de la deuda+Valor del patrimonio | Total Value=Debt value+Equity value
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del CPPC (WACC) (circularidad) | Calculating WACC (circularity)

(1) FCL | FCF
(2) Valor=VP(FCL a WACC) | Value=PV(FCF @ WACC)
Deuda | Debt
(3) Valor de la deuda | Debt value
(4) Peso relativo de la deuda D%t-1| Relative weight of debt D%t-1
(5) Costo de la deuda después de impuestos Kd(1-T) | After tax cost of debt Kd(1-T)
(6) Contribución de la deuda al costo de capital Kdx(1-T)D% t-1 | Contribution of debt to WACC Kd(1-T)D
%t-1
Patrimonio | Equity
(7) Valor del patrimonio=Valor total-Valor de la deuda | Equity value=Total Value-Debt value
(8) VAI=VP(AI a Kd)| VTS=PV(TS @ Kd)
(9) Peso relativo del patrimonio P%t-1 = 1- D%t-1 | Relative weight of equity P%t-1 = 1- D%t-1
(10) Ke = Ku + (Ku - Kd)(Dt-1/Pt-1 - VAIt-1/Pt-1) | Ke = Ku + (Ku - Kd)Dt-1/Et-1-VTSt-1/Et-1)
(11) Contribución del patrimonio al costo de capital KeP% t-1 | Contribution of equity to the cost of
capital KeE%t-1
(12) CPPC después de impuestos Kdx(1-T)D% t-1+KeP%t-1 | After tax WACC Kdx(1-T)D%t-1+KeE%t-1
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

 Guía
35.00% 35.00% 35.00% 35.00%
12.00% 12.10% 12.20% 12.30% VP t 
 VP t  1  FC t  1 
15.00% 15.10% 15.20% 15.30% 1  i t  1 
1 2 3 4 0 1 2 3 4
125.00
500.00
150.00 200.00 220.00 250.00 150.00 200.00 220.00 250.00
244.00 75.00 37.00 375.00 244.00 75.00 37.00
131.00 169.00 38.00 37.00 131.00 169.00 38.00 37.00
45.00 29.52 9.15 4.55 45.00 29.52 9.15 4.55
15.75 10.33 3.20 1.59 15.75 10.33 3.20 1.59
176.00 198.52 47.15 41.55 176.00 198.52 47.15 41.55

-10.25 11.81 176.05 210.04

165.75 210.33 223.20 251.59
25.57 12.89 4.12 1.42 0.00

165.75 210.33 223.20 251.59

25.57 12.89 4.12 1.42 0.00
14.87% 15.03% 15.17% 15.28%
593.58 516.10 383.31 218.24 0.00
93.58

93.58

568.00 503.20 379.19 216.83 0.00

25.57 12.89 4.12 1.42 0.00
593.58 516.10 383.31 218.24 0.00
93.58

93.58

150.00 200.00 220.00 250.00

593.58 516.10 383.31 218.24 0.00
15.75 10.33 3.20 1.59
25.57 12.89 4.12 1.42 0.00
12.22% 13.02% 14.33% 14.55%
93.58
 93.58

-10.25 11.81 176.05 210.04

218.58 272.10 308.31 181.24 0.00
375.00 244.00 75.00 37.00 0.00
25.57 12.89 4.12 1.42 0.00
19.80% 17.65% 15.89% 15.89%
593.58 516.10 383.31 218.24 0.00
93.58

93.58

150.00 200.00 220.00 250.00

593.58 516.10 383.31 218.24 0.00

375.00 244.00 75.00 37.00 0.00

63.18% 47.28% 19.57% 16.95%
7.80% 7.87% 7.93% 8.00%

4.93% 3.72% 1.55% 1.36%

218.58 272.10 308.31 181.24 0.00

25.57 12.89 4.12 1.42 0.00
36.82% 52.72% 80.43% 83.05%
19.80% 17.65% 15.89% 15.89%

7.29% 9.30% 12.78% 13.20%

12.22% 13.02% 14.33% 14.55%

93.58

93.58
Tasa de impuestos | Tax rate (T)
Costo de la deuda | Cost of debt (Kd)
Costo del patrimonio sin deuda | Cost of unlevered equity (Ku)
Año | Year
Aporte de los socios | Initial equity investment
Valor inicial de la inversión | Initial toltal investment
FCL: Flujo de Caja Libre | FCF: Free Cash Flow
Saldo de la deuda al final del período | Debt end balance
Abonos de capital | Principal payment
Pagos de interés | Interest payment
AI=T*intereses | TS=T*Interest payment
Flujo de caja de la deuda: FCD | Cash flow to debt: CFD

Cada método de valoración debe ser considerado independiente de cualquier otro método. Ningún
resultado de otro método debe ser usado en el actual. | Each method should be independent from each
other. No results from one method can be used to calculate results in another method.

FCA= FCL + AI -FCD | CFE = FCF + TS - CFD

FCC = FCL + AI | CCF = FCF + TS
V de firma sin deuda (VSD) =VP(FCL a Ku) | Unlevered firm value (VUn) = PV(FCF @ Ku)
Ke = Ku + (Ku-Kd)Dt-1/(VUnt-1 - Dt-1)
VAI=VP(AI a Ke) | VTS=PV(TS @ Ke)

V=VP(FCC @ CPPC_FCC) | V=PV(CCF @ WACC_CCF)

(1) Flujo de Caja de Capital (FCC) = FCD + FCA | Capital Cash Flow (CCF) = CFD + CFE
(2) Ke
(3) VAI=VP(AI a Ke)| VTS=PV(TS @ Ke)
(4) VP(FCC a CPPC_FCC) | PV(CFF @ WACC_CCF)
(5) CPPCFCC=Ku-(Ku-Ke)VAIt-1/Vt-1 | WACCCCF=Ku-(Ku-Ke)VTSt-1/Vt-1
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

VPN ajustado (VPA) | Adjusted Present Value (APV)

(1) V de firma sin deuda (VSD) =VP(FCL a Ku) | Unlevered firm value (Vun) = PV(FCF @ Ku)
(2) VAI=VP(AI a Ke) | VTS=PV(TS @ Ke)
(3) VP ajustado=VP(FCL a Ku)+VP(AI a Ke) | APV=PV(FCF @ Ku)+PV(TS @ Ke)
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del Valor con WACC = Ku - AIt/Vt-1 +(Ku-Kd)(Dt-1/(Vunt-1-Dt-1)*VAIt-1/Vt-1 (circularidad) |

Calculation of firm value with WACC = Ku - TSt/Vt-1 +(Ku-Kd)(Dt-1/(Vunt-1-Dt-1)*VTSt-1/Vt-1 (circularity)

(1) FCL | FCF

(2) Valor = VP(FCL a CPPC) | Value = PV(FCF @ WACC)
(3) AI | TS
(4) Ke
(5) VAI=VP(AI a Ke) | VTS=PV(TS @ Ke)
(6) CPPC = Ku - AIt/Vt-1-(Ku-Ke)VAIt-1/Vt-1 | WACC = Ku - TSt/Vt-1-(Ku-Ke)VTSt-1/Vt-1
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del valor de mercado patrimonial en forma independiente | Calculation of equity value
(1) FCA | CFE
(2) Valor del patrimonio=VP(FCA a Ke) | Equity value=PV(CFE @ Ke)
(3) Valor de la deuda | Debt value
(4) Ke =Ku + (Ku-Kd)Dt-1/(VUnt-1 - Dt-1)
(5) Valor total=Valor de la deuda+Valor del patrimonio | Total Value=Debt value+Equity value
VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

Cálculo del CPPC (WACC) (circularidad) | Calculating WACC (circularity)

(1) FCL | FCF
(2) Valor=VP(FCL a WACC) | Value=PV(FCF @ WACC)
Deuda | Debt
(3) Valor de la deuda | Debt value
(4) Peso relativo de la deuda D%t-1| Relative weight of debt D%t-1
(5) Costo de la deuda después de impuestos Kd(1-T) | After tax cost of debt Kd(1-T)
(6) Contribución de la deuda al costo de capital Kdx(1-T)D% t-1 | Contribution of debt to WACC Kd(1-T)D
%t-1
Patrimonio | Equity
(7) Peso relativo del patrimonio P%t-1 = 1- D%t-1 | Relative weight of equity P%t-1 = 1- D%t-1
(8) Ke =Ku + (Ku-Kd)Dt-1/(VUnt-1 - Dt-1)
(9) Contribución del patrimonio al costo de capital KeP% t-1 | Contribution of equity to the cost of capital
KeE%t-1

(10) CPPC después de impuestos Kdx(1-T)D% t-1+KeP%t-1 | After tax WACC Kdx(1-T)D%t-1 + KeE%t-1

VPN firma = Valor Total - Inv. Total | NPV firm = Total Value - Initial Investment

VPN accionista=Valor del Patrimonio-Inv Patrimonio | NPV shareholder=Equity Value-Equity Investment

 Guía
35.00% 35.00% 35.00% 35.00%
VP t 
 VP t  1  FC t  1 
12.00% 12.10% 12.20% 12.30%
15.00% 15.10% 15.20% 15.30%
1  i t  1 
0 1 2 3 4 0 1 2 3 4
125.00 125.00
500.00 500.00
150.00 200.00 220.00 250.00 150.00 200.00 220.00 250.00
375.00 244.00 75.00 37.00 375.00 244.00 75.00 37.00
131.00 169.00 38.00 37.00 131.00 169.00 38.00 37.00
45.00 29.52 9.15 4.55 45.00 29.52 9.15 4.55
15.75 10.33 3.20 1.59 15.75 10.33 3.20 1.59
176.00 198.52 47.15 41.55 176.00 198.52 47.15 41.55

-10.25 11.81 176.05 210.04

165.75 210.33 223.20 251.59
568.00 503.20 379.19 216.83 0.00
20.83% 17.92% 15.94% 15.92%
23.06 12.11 3.95 1.37 0.00

165.75 210.33 223.20 251.59

20.83% 17.92% 15.94% 15.92%
23.06 12.11 3.95 1.37 0.00
591.06 515.32 383.14 218.20 0.00
15.23% 15.17% 15.21% 15.30%
91.06

91.06

568.00 503.20 379.19 216.83 0.00

23.06 12.11 3.95 1.37 0.00
591.06 515.32 383.14 218.20 0.00
91.06

91.06

150.00 200.00 220.00 250.00

591.06 515.32 383.14 218.20 0.00
15.75 10.33 3.20 1.59
 20.83% 17.92% 15.94% 15.92%
23.06 12.11 3.95 1.37 0.00
12.56% 13.16% 14.37% 14.57%
91.06

91.06

-10.25 11.81 176.05 210.04

216.06 271.32 308.14 181.20 0.00
375.00 244.00 75.00 37.00 0.00
20.83% 17.92% 15.94% 15.92%
591.06 515.32 383.14 218.20 -
91.06

91.06

150.00 200.00 220.00 250.00

591.06 515.32 383.14 218.20 0.00

375.00 244.00 75.00 37.00 0.00

63.45% 47.35% 19.58% 16.96%
7.80% 7.87% 7.93% 8.00%

4.95% 3.72% 1.55% 1.36%

36.55% 52.65% 80.42% 83.04%

20.83% 17.92% 15.94% 15.92%

7.61% 9.44% 12.82% 13.22%

12.6% 13.2% 14.4% 14.6%

91.06

91.06
Tasa y

WACCFCL

WACCFCC

Ke

CPPC = WACC
FCL = FCF
AI = TS
 Kd Ku

Ku
(sin circularidad)

  V AI 
  
D
Ku   Ku  Kd
t - 1 t  1

 P
t  1 

Costo Promedio Ponderado de Capital Weighted Average Cost of Capital

Flujo de Caja Libre Free Cash Flow
Ahorro en Impuestos Tax Savings
 Ke

(sin circularidad)

ost of Capital